Tech Giants Join D.C. Fray to Battle Bank Calls for Regulation

In what could be seen as another salvo in the battle between fintech "distruptors" and more traditional financial institutions, five large technology companies — Google, Amazon, Apple, PayPal and Intuit — have formed a lobbying and advocacy group dedicated to financial issues.

Financial Innovation Now, which announced its existence on Tuesday, is likely being formed as a defensive measure against banking groups which have been arguing that many fintech companies are not subject to regulations that financial institutions already face.